July 13, 2020.
Written by Sharoon Emmanuel
The very first chatbot (Eliza) dates back to the 1960’s yet the technology had to wait a bit to be implemented across industries. It wasn’t until 2016 that Facebook allowed developers to place chatbots on Messenger to streamline customer service concerns. After then AI chatbots started making their place with top brands to balance support operations and lower costs.
Below statistics and figures show how chatbots usage evolved over the period of time.
Recent research shows that customers are more inclined towards chatbots for getting minor issues resolved. 2019 experienced twice as much consumers willing to engage with chatbots owing to their ease of use. 74% of online users prefer bots for basic queries. 65% of people feel comfortable handling issues without a human representative. 40% of buyers are least concerned about being served by a bot or a human agent, provided their inquiries are entertained. 82% of consumers find instant responses valuable. 64% of consumers find 24⁄7 service availability of chatbots useful.
Data Sources: - Forbes, PSFK, Adweek, Salesforce, HubSpot, Business Insider, Business 2 Community, The Chatbot
Chatbots are becoming especially popular amongst younger generations who are well-versed with technology. 70% of youth claimed that they had a positive experience with chatbots over call, chat and email inquiries. 57% of business decision makers say that chatbots ensure max ROI with minimal effort. 90% of businesses reported major improvements in complaint resolution with the help of chatbots. Currently, 23% of customer service are being handled by AI chatbots.
Data Sources: - Forbes, Gartner, Accenture, MIT Technology Review, Business Insider, Salesforce, Relay, Uberall
Communication channels have revolutionized the way people communicate with acquaintances and businesses alike. Over 1.4 Billion people are using messaging apps and are keen to communicate with conversational chatbots. There are about 300 000 chatbots on Messenger and nearly 55% of consumers are willing to interact with them to solve a problem. Conversations taking place via a chatbot are found to ensure 30% better ROI than retargeting ads. 74% of Millennials claimed that their perception of a brand improves if they timely respond to their social media inquiries.
Data Sources: - Acquire, HubSpot, Venture Beat, App Annie, We Are Social, Business Insider, Microsoft
With over 2 billion digital buyers worldwide, chatbots serve as a reasonable solution for brands that wish to scale their customer services with least cost. Brands spend over $1.3 trillion yearly to address customer requests, implementing chatbots could help reduce that cost by 30%. Support agents who utilize AI powered chatbots experience 64% saving in time, allowing them to solve complex issues faster. The average queue waiting time in 2019 was 4min 17 sec which can be shortened using chatbots. Chatbots can take the load off by automating over 80% of communication concerns.
Data Sources: - LiveChat, IBM, Salesforce, eMarketer, Outgrow
AI has come a long way in terms of providing communication ease to users with least human effort. Tech giants such as Google and Amazon are already developing more personalized and approachable interfaces to pave the way for future enhancements. The popular keywords in voice searches were "how", “what" and "best." Nearly 20% of searches on Google are now being done by voice. 71% of mobile users are satisfied with the voice assistants in their devices. 43% of users between the ages of 16 to 64 are using voice commands on various devices. 28% of consumers call a local business after finding it with voice search.
Data Sources: - Quoracreative, Think with Google, Forbes, We Are Social, Adobe, BrightLocal
Related: - Chatbot development services in Dubai
Investing in chatbots will help businesses reap benefits in future. 73% of healthcare related tasks can be automated via artificial intelligence. By 2023, chatbots are expected to save banking, healthcare and retail industries up to $11 billion. Over 50% of enterprises are predicted to spend more on chatbot development by 2021. About 70% of consumers will replace physical store visits with voice-assisted transactions over the next three years. By 2025, the chatbot market is expected to exceed $1.2 billion globally.
Data Sources: - Business Insider, Gartner, Grand View Research, Capgemini
Originally Published June 3, 2020 04:00 PM, Updated June 5, 2020.